Daily Update: July 13, 2011

It appears with the Stampede in full force, brokers have gone to Calgary and forgotten about their day jobs. While slightly better than Monday and Tuesday, Wednesday was still a slow day for the resource financing market.

There were five deal openings with expected proceeds of $35.2 million, five deal closings with gross proceeds of $46.45 million, and three private placement updates.

Openings

Sandstorm Metals & Energy Ltd. (TSX-V:SND) opened a $25 million private placement underwritten by Cormark Securities on a bought deal basis. Each unit includes a 1/2 warrant that expires in 18 months, and the deal is expected to close on or about August 3, 2011.

Crazy Horse Resources Inc. (TSX-V:CZH) opened a $5.23 million private placement on a best efforts basis.

Takara Resources Inc. (TSX-V:TKK) opened a $3 million private placement on a best efforts basis. Each unit includes 1 warrant that expires in seven months.

Closings

Spanish Mountain Gold Ltd. (TSX-V:SPA) closed a $20 million private placement on a best efforts basis. Each unit included a 1/2 warrant that expires in 24 months.

East Asia Minerals Corp. (TSX-V:EAS) closed a $10 million private placement underwritten by RBC Capital on a best efforts basis.

Unitech Energy Resources Inc. (TSX-V:URX) closed a $6.49 million private placement on a best efforts basis. Each unit included 1 warrant that expires in 24 months.

Updates

PNG Gold Corporation (TSX-V:PGK) announced the terms for a $35 million private placement underwritten by Canaccord on a best efforts basis. The deal is expected to close on or about July 26, 2011.

Tuesday Opening After Market Close

Tanzanian Royalty Exploration Corp. (TSX:TNX) opened a $25 million private placement underwritten by Casimir Capital on a bought deal basis. Each unit includes 1 warrant that expires in 24 months, and the deal is expected to close on or about July 18, 2011.